Flood insurance: Are you prepared for possible damage?

Flooding, the most common natural disaster in this country, is not covered by your homeowners or renters insurance. You need to buy a separate policy for that.

Most people know this, but only 13 percent of the American homeowners have flood insurance.

Jeanne Salvatore with the Insurance Information Institute, an industry trade group, says you should consider getting this coverage even if you live in a low-risk area.

"We've seen time and time again that flooding occurs not just in these high-risk areas, but in areas that are low risk. In fact, the National Flood Insurance Program has reported that about 25 percent of the claims paid are actually in low-risk areas."

The average flood insurance policy costs $50 per month, according to Bankrate.com. It can be even less in moderate-to-low risk areas.

This is not a last minute purchase. When the rivers are rising it's too late. There's a 30-day waiting period after the policy is purchased.